AIM BREAKFAST – 05 October 2016

Set Menu AIM:

Dish of the Day:

Off the Menu:

Pinewood Group (PWS.L) delisted from AIM following a recommended cash offer

Set Menu ISDX Growth:

Total number of ISDX Growth Market Companies (Incl Susp): *

Total number of ISDX Growth Market Companies trading: ** As at 4 October 2016

Dish of the Day:

Off the Menu:

What’s Cooking in the IPO Kitchen?

Premier Asset Management— the retail asset management group has raised £63.7m at 132p and is due to join AIM on 7 October.

ConvaTec — The medical products manufacturer is expected to announce a planned London IPO according to City A.M. Other reports suggest a valuation of circa £5 billion.

O2—Press reports that Telefonica will bring O2 to the LSE this year with a large retail offer. This has not yet been confirmed

Biffa— Intention to float announcement states that up to £270m is to be raised to pay down debt and historic landfill tax liability.

Breakfast Buffet

Ace Liberty & Stone* (ISDX:ALSP) 4p £39.3m

FY Apr 2016 results from the ISDX listed active property investment company, capitalising on commercial property investment opportunities across the UK. Property holdings up 23% to £29.5m. Revenue up 70% to £2m. Disposal activity has been slow impacting profitability but there are now signs that this hesitancy on the part of purchasers is weakening. Separately ALSP announced the £9m purchase of 1-5 Upper Market Square Hanley for £9m. The property is let on a long term basis to Boots and NatWest.

DP Poland (DPP.L) 48.63p £63.3m

The operator of the Domino’s Pizza Poland Franchise has announced a proposed £3.2m placing at 48p, a 1.3% discount to yesterday’s close. The net proceeds of the Placing are expected to provide the Company with the funds required to open an additional 20 stores, over and above current market expectations, by 2020. FYDEC16E forecasts £6m of revenue and a £2.1m pre-tax loss.

Time Out Group (TMO.L) 135.5p £176.15m

The global multi-platform media and e-commerce business with food & cultural markets, announced that it has signed a lease for a new Time Out Market in the iconic São Bento train station in Porto, Portugal. This will be the second Time Out Market, following the success of the Group’s flagship market in Lisbon which opened in May 2014. In the first six months of 2016, the Lisbon market reported strong YoY pro-forma revenue growth of 106%, record levels of visitors (1.3 million) and has been EBITDA positive in each month of the current year.

Fusionex (FXI.L) 166.5p £78.75m

The international software solutions provider specialising in Analytics, Big Data and the Internet of Things, has won a million-dollar contract with one of the world’s largest providers of digital media and brand intelligence. This is the latest significant win for Fusionex’s next generation Big Data platform, Fusionex GIANT 2016 and a further pleasing endorsement of the Group’s market-leading Big Data proposition. FY SEP16E forecasts of £17m revenue and a £1.49m pre-tax loss.

Premier African Minerals (PREM.L) p £m

The mining exploration and production company, announced that a review of immediately available tungsten rich material at its RHA Tungsten Operations in Zimbabwe has been completed. This shows that there is sufficient tonnage immediately available both in the open pit and underground operations to support an initial 3 years’ of operations at 39,000 tons per month once the proposed use of X-Ray Transmission system for ore sorting has been installed at RHA’s ore processing plant. Target date for installation is the end of November this year.

Gooch & Housego (GHH.L) 989p £235.74m

FY Sep trading update from, the specialist manufacturer of optical components & systems. In line with its previous guidance. Since June demand for industrial lasers has strengthened further in parallel with record orders for fibre based product. Robust order book, which, as at 30 September 2016, stood at £52.8 million, an increase of 45.5% compared with the same time last year. Excluding the impact of acquisitions this represents an increase of 10.5%. FY16E revenues £83.4m, EPS 40.47p, dividend 8.97p. 24.4x PE. 0.9% yield.

OptiBiotix Health (OPTI.L) 65p £50.8m

The life science business developing compounds to tackle obesity, high cholesterol, diabetes and skin care, announces the appointment of Martin Hunt as Chairman and Director of its majority owned subsidiary SkinBiotix Limited. Strong experience in life sciences and both the public and private sector. Optibiotix plans to demerge its SkinBiotix division and seek an Initial Public Offering. The technology addresses multi billion dollar markets but is still in the early stages of development.

Park Group (PKG.L) 67p £123m

The multi-retailer gift voucher and prepaid gift card business focused on the corporate and consumer markets, has acquired the corporate employee and customer engagement specialists, Fisher Moy International Ltd. (“FMI”), for an undisclosed all-cash sum. FMI is profitable, debt-free and the acquisition should be modestly earnings enhancing for Park in the first full year of ownership. FMI will initially continue to operate under its existing brand and will remain at its current offices in Buckinghamshire, acting as an additional geographic presence for the sales team.

Kodal Minerals (KOD.L) 0.1p £4.55m

The mineral exploration and development company with interests in West Africa, has received the results of the wide-spaced surface geochemical sampling programme recently completed at its 100% owned Korhogo Project located in northern Cote d’Ivoire. Surface geochemical sampling has returned four new gold anomalous zones with assay values up to 92 parts per billion (“ppb”) Au and strike lengths exceeding 3.5km .

SafeCharge Internantional Group(SCH.L) 217.5 p £328m

The provider of advanced payment technologies notes the announcement regarding Sisal.it (“Sisal”), the online gaming platform of the Italian group operating in the Gaming and Payment Services sector, which has selected SafeCharge to facilitate players’ deposit and withdrawal journey, fraud prevention, cards acquiring and alternative payments acceptance for the Italian market. This is the latest in a string of Tier One customer launches. FY Dec 16E revenues of £80.9m. EPS 15.45p. Dividend 12.56p. PE 14x Yield 5.7%

Head Chef:

Derren Nathan 0203 764 2344 derren.nathan@hybridan.com

*A corporate client of Hybridan LLP

Disclaimer

This document, which does not constitute research, has been issued by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectives, financial situation or needs of any specific entity and is not a personal recommendation to anyone. Recipients should make their own investment decisions based upon their own financial objectives and financial resources and, if any doubt, should seek advice from an investment advisor.

The information contained in this document is based on materials and sources that are believed to be reliable; however, they have not been independently verified and are not guaranteed as being accurate. This document is not intended to be a complete statement or summary of any securities, markets, reports or developments referred to herein. No representation or warranty, either express or implied, is made or accepted by Hybridan LLP, its members, directors, officers, employees, agents or associated undertakings in relation to the accuracy, completeness or reliability of the information in this document nor should it be relied upon as such.

Any and all opinions expressed are current opinions as of the date appearing on this document only. Any and all opinions expressed are subject to change without notice and Hybridan LLP is under no obligation to update the information contained herein. To the fullest extent permitted by law, none of Hybridan LLP, its members, directors, officers, employees, agents or associated undertakings shall have any liability whatsoever for any direct or indirect or consequential loss or damage (including lost profits) arising in any way from use of all or any part of the information in this document.

This document should not be relied upon as being an independent or impartial view of the subject matter and, for the avoidance of doubt, does not constitute “independent investment research” for the purposes of the Financial Conduct Authority rules. The individuals who prepared this document may be involved in providing other financial services to the company or companies referenced in this document or to other companies who might be said to be competitors of the company or companies referenced in this document. As a result both Hybridan LLP and the individual members, directors, officers and/or employees who prepared this document may have responsibilities that conflict with the interests of the persons who receive this document. Hybridan LLP and/or connected persons may, from time to time, have positions in, make a market in and/or effect transactions in any investment or related investment mentioned herein and may provide financial services to the issuers of such investments.

In the UK, this document is directed at and is for distribution only to persons who (i) fall within Article 19(5) (persons who have professional experience in matters relating to investments) or Article 49(2) (a) to (d) (high net worth companies, unincorporated associations, etc) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) or (ii) are Professional Clients or Eligible Counterparties (as those terms are defined in the rules of the Financial Conduct Authority) of Hybridan LLP (all such persons referred to in (i) and (ii) together being referred to as “relevant persons”). This document must not be acted on or relied up on by persons who are not relevant persons. For the purposes of clarity, this document is not intended for and should not be relied upon by persons who would be classified as Retail Clients (as defined by the rules of the Financial Conduct Authority).

Neither this document nor any copy of part thereof may be distributed in any other jurisdictions where its distribution may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. Distribution of this report in any such other jurisdictions may constitute a violation of UK or US securities law, or the law of any such other jurisdictions.

Hybridan LLP and/or its associated undertakings may from time-to-time provide investment advice or other services to, or solicit such business from, any of the companies referred to in this document. Accordingly, information may be available to Hybridan LLP that is not reflected in this material and Hybridan LLP may have acted upon or used the information prior to or immediately following its publication. In addition, Hybridan LLP, the members, directors, officers and/or employees thereof and/or any connected persons may have an interest in the securities, warrants, futures, options, derivatives or other financial instrument of any of the companies referred to in this document and may from time-to-time add or dispose of such interests.

Neither the whole nor any part of this document may be duplicated in any form or by any means. Neither should this document, or any part thereof, be redistributed or disclosed to anyone without the prior consent of Hybridan LLP. Hybridan LLP is a limited liability partnership registered in England and Wales, registered number OC325178, and is authorised and regulated by the Financial Conduct Authority and is a member of the London Stock Exchange. Any reference to a partner in relation to Hybridan LLP is to a member of Hybridan LLP or an employee with equivalent standing and qualifications. A list of the members of Hybridan LLP is available for inspection at the registered office, 2 Jardine House, The Harrovian Business Village, Bessborough Road, Harrow, Middlesex HA1 3EX. If you would like to unsubscribe, please email enquiries@hybridan.com with “unsubscribe me”.